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TOP CORPORATE NEWS – 11 FEB 2020

corporate news (2)

CORPORATE NEWS

Zydus Cadila gets final approval from the USFDA for Fluocinonide Cream.

Zydus Cadila said on Tuesday that it has received the final approval from the USFDA to market Fluocinonide Cream USP, (US RLD – Vanos Cream) 0.1 %. The drug is used to treat a variety of skin conditions (e.g., psoriasis, eczema, dermatitis, allergies, rash). The company said that the drug will be manufactured at the group’s Topical manufacturing facility at Ahmedabad.

Siemens Q1 PAT up 15% yoy.

Siemens Limited reported a 4.5% decrease in revenue at Rs2,611cr with a 15.2% growth in Profit after Tax at Rs263cr for the first quarter of Financial Year 2020 as compared to the corresponding quarter of the previous year. The company order backlog stands at a healthy Rs12,430cr. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, Capex ordering, particularly in the infrastructure segments continues to be muted while the slowdown in the Automotive segment is impacting our Industrial business as well. The recent announcement by the Government of the National Investment Pipeline will go a long way in reviving demand and we look forward to its speedy implementation.

Granules India gets tentative approval of Colchicine capsules.

Granules India Limited announced that the US Food & Drug Administration (USFDA) has tentatively approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly-owned foreign subsidiary of Granules India Limited for Colchicine Capsules, 0.6 mg. It is bioequivalent to the reference listed drug product (RLD), Mitigare Capsules, 0.6 mg, of Hikma International Pharmaceuticals LLC, the company said in the filing.

BEML cons. net profit declines 90.8% yoy in Q3FY20.

BEML’s consolidated net profit declined by 90.8% yoy at Rs4.2cr in Q3FY20 as against Rs46.2cr in the same period last year. The revenue of the company also fell 24.8% at Rs693cr in Q3FY20 as against Rs920.8cr in Q3FY19. EBITDA stood at Rs25.9cr, down 66.4% yoy and margin stood at 3.7% in Q3FY20 as against 8.4% in the same period last year.

Tata Global Beverages name changed to Tata Consumer Products.

Tata Global Beverages Limited (TGBL) and Tata Chemicals Limited (TCL) announced that the Scheme of Arrangement between TGBL and TCL regarding the Consumer Products Business of TCL is now operational, effective from February 7, 2020. Following this, TGBL has been renamed Tata Consumer Products Limited.


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